La Idea brings U.S.-Latin American Business Partnerships to New York

Media Note

Office of the Spokesperson

Washington, DC

November 13, 2013

On November 14, 36 entrepreneurs from 9 Latin American countries (Chile, Colombia, Costa Rica, El Salvador, Guatemala, Mexico, Nicaragua, Peru and Uruguay) and their U.S. partners will arrive in New York to compete in the Latin America Idea Partnership (La Idea). La Idea is a public–private initiative to expand small business partnerships by connecting U.S.-based diaspora entrepreneurs with Latin American entrepreneurs. La Idea seeks to increase the transfer of expertise, knowledge, and skills across the Americas to grow businesses, increase employment, and accelerate development.

In New York, La Idea participants will receive two days of mentoring from leading business experts and present their business pitch to a panel of experts. The event will take place at the New York Times Building, located at 620 8th Avenue, 26th floor. The panel will select a small number of the entrepreneurs to participate in the La Idea Final Showcase in Miami on December 13. Ahead of the Miami Showcase, each partnership will receive a week of tailored mentoring and access to leading Hispanic business leaders, culminating with final pitches. From these pitches, selected companies will receive prizes and tailored business support services.

Leading up to the New York event, La Idea received applications from businesses in 14 countries. These businesses were scored on sales and marketing strategy; management and partnership; social, economic, and environmental impact; financial position; and the strength of a two-minute video pitch. Selected companies represent a diverse, successful, small–medium business community, including both existing businesses and new ventures and representing more than ten distinct industrial sectors. Business ideas span from coffee production and flower farming businesses employing innovative processes, to online platforms providing financial services to underserved communities.

La Idea was announced by the Obama Administration in May 2012 and is a public–private partnership between the U.S. Department of State, the U.S. Agency for International Development (USAID), Boom Financial, the Inter-American Development Bank, the Overseas Private Investment Corporation (OPIC), the Small Business Administration, Univision Media, WellSpace, Accion, and FHI 360. For more information, please visit www.laidea.co and join the La Idea community at https://www.facebook.com/laideaonline or @laideaonline.

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